This trend will soon become prevalent in the food service industry, hospitality, retail, construction and manufacturing.Īmazon recently opened up several prototype Amazon Go stores that are self described as “a new kind of store, featuring the world's most advanced shopping technology. Large corporations with big budgets will weigh the increased labor costs and elect to invest in technology to displace workers. Losing customers means losing income, which could result in the business having to layoff workers. With the increased prices, customers may elect to take their business elsewhere. The local neighborhood stores and businesses with razor-thin profits will be forced to raise prices to make up for the additional labor costs. Employers, especially small family and midsize businesses, will be disproportionately hurt by the extra costs incurred. Raising the minimum wage has a number of serious and negative unintended consequences. The idea of raising the minimum wage is noble and commendable, but many of the arguments rely upon raw emotion and neglect sound economic ramifications that will adversely impact the same people it's trying to help.
Tens of thousands of restaurants, gyms, bars and other Main Street small businesses are hanging on by a thread. This is especially acute, as the pandemic has wrecked many mom-and-pop enterprises. It seems that large, dominant corporations, such as Costco and Amazon, have the financial might to raise pay, whereas small businesses operating on a paper-thin margin would be unable to handle the increase. According to the CNBC poll, about 33% of the respondents said they’d likely lay off people if Congress passed the minimum wage law. It concluded that the federal minimum wage would increase pay for at least 17 million people and lift almost 1 million out of poverty, but it could also cut 1.4 million jobs.Ī recent survey of small businesses indicated that they are largely against the $15 federal minimum wage. The CBO offered a mixed message that was overall siding slightly against the increase. However, other low-wage workers would become jobless, their family income would drop and it could place them below the poverty threshold. The conclusion was that increasing the federal minimum wage would have two major impacts on low-wage workers: earnings would increase for many, which would lift some families out of poverty. A recent study by the Congressional Budget Office (CBO) was conducted to determine how increasing the federal minimum wage from $7.25 to $10, $12 or $15 per hour by 2025 would affect employment and family income. Not all companies are aboard with raising the minimum wage. brick-and-mortar retailer, Walmart, pays an $11 minimum wage, but said it would increase it shortly for its over 400,000 workers. Retailers Target and Best Buy both enhanced their workers’ wages to $15 as well. Amazon increased its starting wage to $15 in 2018. "So I need you guys to calm down."Ī woman is heard yelling, "Don't let her touch me with that cart again," as the employee tries to intervene.As the federal minimum wage stagnated at $7.25 an hour since 2009, there have been private companies increasing wages.
"As human beings, we've got to come together at a time like this," a Costco employee says.
The uploader described tensions at the New York City store as "very high." The shoppers were waiting in a line when the confrontation happened about 11:45 a.m.Įmployees at the store sought to calm the shoppers.
Staple items like paper towels and toilet paper have been in short supply as Americans face uncertainty of the virus' long-term impact. The incident was only the latest instance of panic buying connected to the spread of the virus across the nation. Shoppers at a Brooklyn Costco yelled at each other Thursday morning in a confrontation that was caught on video.īROOKLYN (WABC) - As fears about the spread of coronavirus mount, shoppers at a Brooklyn Costco yelled at each other Thursday morning in a confrontation that was caught on video.
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